TOKYO -- Global commodities prices face mounting downward pressure as China doubles down on zero-COVID restrictions in response to a renewed spread of the coronavirus.
Iron ore futures fell to about $79 per tonne on the Singapore Exchange on Nov. 1, down 15% from a month earlier. They have since recovered somewhat but remains sluggish. In Shanghai, hot-rolled coil steel futures have fallen below 3,500 yuan ($483) per tonne for the first time since May 2020.
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